SEQUESTER UPDATE: VERY LITTLE MOVEMENT – President Obama heads into the State of the Union this week with very limited evidence that Republicans are inclined to accede to his demand that any sequester replacement include an equal amount of spending cuts and revenue increases through tax reform. The only slight movement over the weekend came from Sen. John McCain (R-Ariz.) on Fox News Sunday. … Asked about the issue, McCain said: “Would I look at some revenue closers? Maybe so. But we’ve already just raised taxes. Why do we have to raise taxes again?” (Never mind that hanging hope on McCain is a thin reed given the issue has always been the House) … Meanwhile, House Minority Leader Nancy Pelosi said on Fox that there have already been “plenty of spending cuts.’ She left Republicans aghast when she added: "It is almost a false argument to say we have a spending problem.”